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John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John's firm operating in pure competition:
OUTPUT TFC TVC 0 $30.00 0.00 1 30.00 70.00 2 30.00 120.00 3 30.00 150.00 4 30.00 200.00 5 30.00 270.00
6 30.00 360.00
(a.) Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
what would this price be in order to eliminate the deadweight loss. Show and explain. Why would the monopoly not charge this price? Show and explain.
An asset is to be used in a project that will last 5 years. The MACRS property class for this asset is 3 years. If B = l0, 000 and S=3,000 at the end of year 5, determine the depreciation schedule.
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Franklin D. Roosevelt ' New Deal in the 1930's aid United States to go through the depression. There were famous 3-Rs: relief, recovery and reform.
Charge of development for your housing nonprofit and assuming that your non-profit is risk-neutral, which grant should you apply for
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